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完成票据回购将降低361度的偿债风险

2021-01-15 15:58

原标题:完成票据回购将降低361度的偿债风险 来源:Reuters

(The following statement was released by the rating agency)Fitch Ratings-Hong Kong-15 January 2021:本文章英文原文最初于2021年1月14日发布于:Completion ofRepurchase to Reduce 361 Degrees' Repayment Risk( )惠誉评级认为,中国运动服装生产商361度国际有限公司(361度)(B/负面)对其将到期票据进行的部分要约收购的结果表明,该公司已就全额偿付其2021年6月到期的4亿美元债券取得了进展,但执行风险犹存,也反映在惠誉对该公司评级的负面展望上。361度的部分要约收购已于2021年1月12日期满,而该公司预计将于结算日(2021年1月15日当天或前后)完成对本金总额为1.383亿美元的2021年到期票据的回购。若回购顺利完成,将表明361度能够将更大金额的境内资金转至境外,这降低了其面临的资金跨境方面的监管不确定性。为偿付2021年6月到期票据(尚未偿付的本金金额为1.278亿美元),361度需要及时向境外划转资金,而惠誉认为此举仍需获国家外汇管理局批准。2019年起361度通过二级市场陆续小笔回购其2021年到期高级无抵押票据。本次要约收购之前,361度的单月最大回购金额为2020年11月的3,400万美元,所回购票据的原始本金金额达1.339亿美元。截至2020年6月末,361度持有可用现金62亿元人民币(逾9.5亿美元),足以覆盖其美元票据的未偿付本金金额——即使假设2020年下半年其自由现金流为负数。除了为回购票据而转至境外的资金之外,惠誉假设361度持有的现金几乎全部为境内资金——该公司的营业利润几乎全部源自境内。惠誉认为,361度正在逐渐从新冠肺炎疫情中复苏,2020年第四季度零售销售增速已经转正。但是,该公司的复苏慢于国内同业,且过去几年其市场地位的走弱仍是惠誉考虑的主要评级因素之一。根据欧睿国际的数据,361度的中国运动服装市场占有率(以零售销售规模衡量)已从2017年的4.5%和2018年的3.7%持续下滑至2019年的3.1%。若361度全额偿付其美元债券,惠誉可能对其采取正面评级行动——届时该公司的评级将主要受其业务状况驱动。联系人: 郭舒 联席董事 +852 2263 9608 惠誉国际评级有限公司香港中环德辅道中 68号万宜大厦19楼 赵凯欣 董事 +852 22639967

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